Michael Bloomberg

AAA

DEFINITION of 'Michael Bloomberg'

Michael Bloomberg is one of the wealthiest person in the world with an estimated net worth of $34.8 billion in 2014 according to Forbes. He amassed his fortune from his global company Bloomberg LP, the well-known financial news and information service. He owns 88% of the company.

Bloomberg was born in 1942 outside Boston and grew up in Medford, Massachusetts. He earned an undergraduate degree in electrical engineering from Johns Hopkins in 1964, which he paid for by working as a parking lot attendant and taking out loans. He earned an MBA from Harvard Business School in 1966.

INVESTOPEDIA EXPLAINS 'Michael Bloomberg'

In 1966, he began working in New York at the now-defunct Salomon Brothers, a Wall Street investment bank, where he counted bond and stock certificates in the bank’s vault. He moved up to bond trading, then became a partner in 1972. Salomon Brothers demoted him from his position of head of equity trading and sales in 1979 and moved him into computers. In 1981 when the company went public, Bloomberg received a $10 million severance package.

He then founded an information technology company called Innovative Market Solutions that gave traders information about the market for Treasury bonds. Merrill Lynch became a major client and investor in 1982. This company grew into what is today Bloomberg LP.

Bloomberg ran for mayor of New York in 2002, switching from Democrat to Republican because he thought it would help him stand out as a candidate. He wasn’t expected to win in a Democrat-dominated city, but went on to be mayor of New York for three terms, from 2002 through 2013. During this time he stepped down as CEO of his company and worked to fix the city’s public school system and revitalize its old industrial areas. He implemented a citywide smoking ban in all indoor offices and at parks and beaches and helped the city reduce welfare recipients by 25%. He changed legislation to allow himself to run for a third term and spent $90 million of his own money on that campaign.

He and his former wife, Susan Brown, have two children. His charity, Bloomberg Philanthropies, is focused on donating to public health, arts and culture, the environment, government innovation and education, and he has donated more than $2.4 billion of his wealth over the years.

RELATED TERMS
  1. Warren Buffett

    Known as "the Oracle of Omaha", Buffett is Chairman of Berkshire ...
  2. Amancio Ortega

    Spaniard Amancio Ortega founded the world’s largest fashion ...
  3. Sheldon Aldeson

    Sheldon Aldeson, chairman and CEO of Las Vegas Sands Corp., is ...
  4. Carlos Slim

    A magnate of the Mexican telecommunications industry. Slim made ...
  5. Salomon Brothers

    Salomon Brothers, founded in 1910, was once one of the largest ...
  6. Jesse L. Livermore

    Livermore rose from a humble farming background to become a stock ...
RELATED FAQS
  1. How do I set up a Limited Liability Company (LLC)?

    The specific process and procedures for organizing a limited liability company (LLC) vary from state to state. However, the ... Read Full Answer >>
  2. If I retire in the Philippines, will I be able to work or start a small business?

    Foreign retirees entering the Philippines with plans to become permanent residents may start a business or work once they ... Read Full Answer >>
  3. What are some good resources to help entrepreneurs develop a business model?

    There are a number of resources available for entrepreneurs developing business models. Online resources provided by bloggers, ... Read Full Answer >>
  4. What's the difference between a financial plan and a financial forecast?

    Selecting the appropriate business structure for a new company can present challenges to an entrepreneur. Considerations ... Read Full Answer >>
  5. What are some examples of how corporations manage short-term investments?

    One of the easiest ways for a business owner to reduce liability is to incorporate as a legal entity to enjoy the protection ... Read Full Answer >>
  6. How can I merge technical analysis and fundamental analysis with quantitative analysis ...

    It is important for a sole proprietor with no employees to register as a limited liability company because an LLC provides ... Read Full Answer >>
Related Articles
  1. Stock Analysis

    How Warren Buffett made Berkshire Hathaway a World-beater

    It would almost be easier to list the industry sectors in which Omaha-based Berkshire Hathaway Inc. (NYSE:BRK.A) doesn’t turn gargantuan profits.
  2. Economics

    J.D. Rockefeller: From Oil Baron To Billionaire

    More than 70 years after his death, this man remains one of the great figures of Wall Street.
  3. Economics

    The Most Philanthropic Companies On Wall Street

    We look at the philanthropic and socially responsible efforts of certain Wall Street firms.
  4. Active Trading

    Peter Lynch On Playing The Market

    Everyone can appreciate great advice from a professional. Read on to benefit from the vast experience of Peter Lynch.
  5. Professionals

    The Bloomberg Terminal At A Glance

    The Bloomberg Terminal is one of the most popular tools for real-time financial information. Find out what it is and what it can do for you.
  6. Trading Strategies

    Jesse Livermore: Lessons From A Legendary Trader

    Jesse Livermore's investing philosophy wasn't foolproof, but he's still recognized as one of the greatest traders in history.
  7. Insurance

    $46 Billion Industry Of Philanthropy

    Philanthropic giving is not just about money - millions of volunteers donate their time to worthy causes every year.
  8. Entrepreneurship

    The CEO Dream Team - Walton, Schwab, Marcus And Blank

    The successes of these three CEOs can be linked back to one common factor: customer service.
  9. Economics

    Financial Media 4-1-1 For Investors

    Cut through the information clutter and decipher the useful news from the useless.
  10. Retirement

    Plan To Retire Rich

    Don't just hope for the best - develop a course of action to achieve your goals.

You May Also Like

Hot Definitions
  1. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  2. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  3. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
  4. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  5. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  6. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
Trading Center